The Canadian Credit Report: How Will You Score?

Even if your financial reputation is flawless, credit reporting bureaus, used by lenders, builders, real estate brokerages and other companies to check your credit worthiness, may have the wrong information in your file. Although, Canadian law allows you to correct mistakes and misinformation, the process is slow and the lost time may cost you the mortgage you needed, the condominium unit you wanted or the house you dreamed of.

"About 40 per cent of credit reports have errors that range from not serious to serious, but how we define an error and how they do is different," said Chartered Public Accountant Mike Morley CPA, FCI, CCE, MICM, author of The Complete Guide To Credit & Credit Repair for Canadians. "I'm closing in on 400 talks and every time I talk to a live crowd and I ask, 'Who has seen their credit report?' I barely get one or two hands. How people trust banks and credit organizations to look after them!"

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